Press release
Gas Meter Market To Be Driven By The Rising Demand For Technologically Advanced Meters In The Forecast Period Of 2023-2028
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
Historical Market Size (2020): USD 3.32 billion
Forecast CAGR (2023-2028): 5.1%
Historical Market Size (2026): USD 4.5 billion
The Gas Meters Market is expanding owing to increased demand from industrial applications such as chemicals, glass, pulp and paper, metals, refining, stone, rubber, and food processing industries. The fuel composition has moved away from coal to lower-emission fuels such as natural gas in recent years. The rising demand for smart equipment to track fuel supply in the energy industry will be a significant driving force for global gas meters market development in the forecast period.
The increased installation of basic gas meters in the commercial and residential sectors can be attributed to the segment's rise. Growing infrastructure development investments to boost growth in smart cities, industrial and energy corridors is expected to further increase the gas meter industry, especially in Asia-Pacific.
Gas Meter Industry Definition and Major Segments
A gas meter is a device that measures and records the amount of gas that is consumed or generated. They ensure sufficient gas pressure from the main supply and keep track of gas consumption and issuing correct bills.
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The market can be divided into the following segments based on type:
Basic
Smart
The market can be divided on the basis of application into:
Residential
Commercial Plastics and Rubber
Industrial
The leading regional markets for Gas Meter are:
North America
Latin Americas
Middle East and Africa
Europe
Asia Pacific
Gas Meter Market Trends
Low pollution, higher calorific value, and more effortless operability are expected to play a significant role in shaping the future industry. Over the next few years, such a change in customer trends is expected to benefit the gas meter industry. As a result, administrative costs would reduce, and data processing across departments could be simplified. The inability to handle large data volumes produced by smart gas meters, on the other hand, is expected to hamper gas meter market growth and development.
Key Market Players
The major players in the market are Honeywell International Inc., Itron Inc, Apator SA., Diehl Stiftung & Co. KG, and Sensus (Xylem Inc.), among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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